# Azimo

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> Markdown URL: https://mediated.wiki/source/Azimo.md
> Source: https://en.wikipedia.org/wiki/Azimo
> Source revision: 1346832710
> License: Creative Commons Attribution-ShareAlike 4.0 International (https://creativecommons.org/licenses/by-sa/4.0/)

{{short description|Dutch money transfer company}}
{{Infobox company
| name = Azimo
| logo = Azimo-lozenge-tagline-large.png
| logo_size = 250px
| logo_alt = 
| logo_caption = 
| logo_padding = 
| image = 
| image_size = 
| image_alt = 
| image_caption = 
| native_name = 
| native_name_lang = <!-- Use ISO 639-1 code, e.g. "fr" for French. For multiple names in different languages, use {{lang|[code]|[name]}}. -->
| former_name = 
| type = [Private](/source/Privately_held_company)
| industry = [Financial technology](/source/Financial_technology)
| founded = {{start date and age|2012}}
| founders = Michael Kent, Marta Krupinska, Ricky Knox, Marek Wawro
| defunct = {{End date|2023|08|01}}{{Citation needed|date=October 2024}}
| fate = Acquired by [PAPAYA Global](/source/PAPAYA_Global)
| hq_location = 
| hq_location_city = Amsterdam
| hq_location_country = Netherlands
| area_served = [Europe](/source/Europe) (sending); <br />worldwide (receiving)
| key_people = Michael Kent (Founder, EC)<br />Richard Ambrose (CEO)
| products = 
| brands = 
| services = [Money transfer](/source/Electronic_funds_transfer)
| owner = <!-- or: | owners = -->
| ratio = <!-- for BANKS ONLY -->
| rating = <!-- for BANKS ONLY -->
| website = [http://azimo.com/en/ azimo.com]
}}

'''Azimo B.V.''' was an online [remittance](/source/remittance) service headquartered in [Amsterdam](/source/Amsterdam), Netherlands. It also had offices in [Kraków](/source/Krak%C3%B3w), Poland.<ref>{{cite news|title=Azimo offers a cheaper way to send money home|url=https://www.washingtonpost.com/posttv/business/azimo-offers-a-cheaper-way-to-send-money-home/2014/11/24/59b3f936-73c8-11e4-95a8-fe0b46e8751a_video.html|newspaper=The Washington Post|access-date=4 May 2016|date=24 November 2014}}</ref>

Azimo offered money transfers to 190 receiving countries in over 80 different currencies. The company had half a million customers connected to its platform and offered more than 270,000 cash pick-up locations globally.<ref>{{cite web|last1=Wall|first1=Matthew|title=Money may make the world go round, but at what cost?|url=https://www.bbc.co.uk/news/business-31639262|work=BBC News|access-date=4 May 2016|date=23 March 2015}}</ref> As of October 2019, sending countries were limited to [Europe](/source/Europe).<ref>{{Cite web |last=Mavadiya |first=Madhvi |title=A Look At Azimo And How It Has Reached Profitability |url=https://www.forbes.com/sites/madhvimavadiya/2019/08/30/a-look-at-azimo-and-how-it-has-reached-profitability/ |access-date=2024-12-16 |website=Forbes |language=en}}</ref><ref>{{Cite web |title=How to Build a P2P Money Transfer Mobile App Like Azimo |url=https://agilie.com/blog/how-to-build-a-p2p-money-transfer-mobile-app-like-azimo |access-date=2024-12-16 |website=agilie.com |language=en}}</ref>

In March 2022, Azimo was acquired by the [New York](/source/New_York_City)–based payroll and payments solutions provider, [Papaya Global](/source/Papaya_Global), incorporating its licensed payment services to support global transactions.<ref>{{Cite web |last=April 2022 |first=4th |date=2022-04-04 |title=Money transfer app Azimo acquired by Papaya Global |url=https://www.fintechfutures.com/2022/04/money-transfer-app-azimo-acquired-by-payroll-and-payments-firm-papaya-global/ |access-date=2022-04-05 |website=FinTech Futures |language=en-GB}}</ref>

==History==
Azimo was founded in October 2012 in London, United Kingdom,<ref>{{cite web|author1=Lunn, Emma|author2=Collinson, Patrick|title=10 of the best money-saving apps|url=https://www.theguardian.com/money/2013/apr/12/10-best-money-saving-apps|work=The Guardian|access-date=4 May 2016|date=12 April 2013}}</ref> and initially operated as a direct-to-consumer money transfer service, allowing customers to send money across borders.<ref>{{Cite web |last=Jackson |first=Tom |date=2015-01-22 |title=Azimo launches Europe-West Africa remittance service |url=https://disruptafrica.com/2015/01/22/azimo-launches-europe-west-africa-remittance-service/ |access-date=2024-12-16 |website=Disrupt Africa |language=en-GB}}</ref>

In 2012 and 2015, Azimo raised significant funding, including $31 million in Series A and B funding from investors including Frog Capital, Greycroft, MCI.TechVentures, e.ventures, and Quona Capital.<ref>{{Cite web |last=O'Hear |first=Steve |date=2013-09-29 |title=Azimo Raises $1M Seed Funding To Take Its Money Transfer Service To Europe |url=https://techcrunch.com/2013/09/29/western-who/ |access-date=2024-12-16 |website=TechCrunch |language=en-US}}</ref><ref>{{Cite web |last=Nair |first=Praseeda |date=2015-06-16 |title=Money transfer service Azimo raises $20m in Series B funding round |url=https://growthbusiness.co.uk/money-transfer-service-azimo-raises-20m-in-series-b-funding-round-12790/ |access-date=2024-12-16 |website=Growth Business |language=en-US}}</ref><ref>{{Cite web |last=Dorbian |first=Iris |date=2015-06-15 |title=Frog Capital leads Series B round for Azimo |url=https://www.venturecapitaljournal.com/frog-capital-leads-series-b-round-for-azimo/ |access-date=2024-12-16 |website=Venture Capital Journal |language=en-US}}</ref>

In 2016, an updated version of its app was launched with features including in-app chat and biometric security.<ref>{{Cite web|date=20 October 2016|title=Azimo Launches New Version Of Mobile App|url=https://www.pymnts.com/mobile-applications/2016/azimo-launched-new-mobile-app/|access-date=22 December 2020|website=Pymnts.com|language=en-US}}</ref>

As of early 2016, Azimo had raised $31 million in Series A and B funding<ref>{{cite web|last1=Ahmed|first1=Murad|title=Remittances group Azimo raises $20m on valuation of $100m|url=https://www.ft.com/content/1c34f6b6-0f75-11e5-b968-00144feabdc0|publisher=Financial Times|access-date=4 May 2016}}</ref> from investors including Frog Capital, [Greycroft](/source/Greycroft), MCI.TechVentures, [e.ventures](/source/e.ventures) and Quona Capital. In May 2016, Japanese e-commerce company Rakuten invested in Azimo to accelerate the company's expansion into Asia.<ref>{{cite web|last1=Kharpal|first1=Arjun|title=Azimo, a remittances start-up, raised $15M from Rakuten to expand into Asia|url=https://www.cnbc.com/2016/05/05/azimo-a-remittances-start-up-raised-15m-from-rakuten-to-expand-into-asia.html|publisher=CNBC|access-date=5 May 2016|date=5 May 2016}}</ref><ref>{{cite web|last1=Williams-Grut|first1=Oscar|title=International money transfer app Azimo raises $15 million from Japan's Rakuten to crack Asia|url=https://www.businessinsider.com/azimo-raises-japan-rakuten-asia-2016-5|publisher=Business Insider UK|access-date=5 May 2016|date=5 May 2016}}</ref><ref>{{cite web|last1=Lunden|first1=Ingrid|title=Remittance startup Azimo raises $15M from Viber owner, e-commerce giant Rakuten|url=https://techcrunch.com/2016/05/05/azimo-rakuten/|publisher=TechCrunch|access-date=5 May 2016|date=5 May 2016}}</ref>

In 2020, Azimo moved to the Netherlands as a result of [Brexit](/source/Brexit),<ref>{{cite news|title=Europese investeringsbank steunt uitgeweken Brits bedrijf Azimo|newspaper=[Het Financieele Dagblad](/source/Het_Financieele_Dagblad)|language=nl|first=Rutger|last=Betlem|date=4 February 2020|access-date=2 February 2021|url=https://fd.nl/beurs/1333321/europese-investeringsbank-steunt-uitgeweken-brits-bedrijf-azimo}}</ref><ref>{{cite news|url=https://www.nd.nl/nieuws/nederland/535047/groeiend-aantal-bedrijven-komt-wegens-brexit-naar-nederland|title=Groeiend aantal bedrijven komt wegens brexit naar Nederland|language=nl|newspaper=[Nederlands Dagblad](/source/Nederlands_Dagblad)|first=Raoul|last=Du Pré}}</ref> while its development office was in Kraków, Poland.<ref>{{Cite web |title=Azimo expands European operations with new office |url=https://thepaypers.com/payments-general/azimo-expands-european-operations-with-new-office--775585 |access-date=2024-12-16 |website=thepaypers.com |language=en}}</ref><ref>{{Cite web |last=Frog |date=2019-05-19 |title=Azimo expand in Europe |url=https://frogcapital.com/think-frog/portfolio-news/azimo-expand-in-europe/ |access-date=2024-12-16 |website=Frog Capital |language=en}}</ref>

=== Acquisition and current operations ===
In March 2022, Azimo was acquired by [Papaya Global](/source/Papaya_Global), a global workforce management platform.<ref>{{Cite web |last=April 2022 |first=4th |date=2022-04-04 |title=Money transfer app Azimo acquired by Papaya Global |url=https://www.fintechfutures.com/2022/04/money-transfer-app-azimo-acquired-by-payroll-and-payments-firm-papaya-global/ |access-date=2024-12-16 |website=www.fintechfutures.com |language=en-GB}}</ref>  The acquisition marked a shift in Azimo's business model, from a direct-to-consumer money transfer service to the licensed payments arm of Papaya Global.<ref>{{Cite web |last=Muhn (@julieschicktanz) |first=Julie |date=2022-03-29 |title=HR and Payroll Company Papaya Global Buys Azimo |url=https://finovate.com/hr-and-payroll-company-papaya-global-buys-azimo/ |access-date=2024-12-16 |website=Finovate |language=en-US}}</ref><ref>{{Cite web |last=Lunden |first=Ingrid |date=2022-03-28 |title=Papaya Global to buy Azimo to expand its payroll payments |url=https://techcrunch.com/2022/03/28/papaya-global-to-buy-azimo-for-150m-200m-to-expand-its-payroll-payments-to-more-markets/ |access-date=2024-12-16 |website=TechCrunch |language=en-US}}</ref> In August 2022, the company discontinued its consumer money transfer services.<ref>{{Cite web |title=AZIMO SERVICING LTD filing history - Find and update company information - GOV.UK |url=https://find-and-update.company-information.service.gov.uk/company/13574459/filing-history |access-date=2024-12-16 |website=find-and-update.company-information.service.gov.uk |language=en}}</ref><ref>{{Cite web |date=2022-09-14 |title=Azimo Business Alternative in the UK |url=https://wise.com/gb/blog/azimo-business-alternative-uk |access-date=2024-12-16 |website=Wise |language=en-GB}}</ref>&nbsp;

== Operations ==
Azimo offered money transfers to 190 receiving countries in over 80 different currencies. The company had half a million customers connected to its platform and offers more than 270,000 cash pick-up locations globally.<ref>{{cite web|last1=Wall|first1=Matthew|title=Money may make the world go round, but at what cost?|url=https://www.bbc.co.uk/news/business-31639262|publisher=BBC News|accessdate=4 May 2016|date=March 23, 2015}}</ref> In 2016, an updated version of its app was launched with features including in-app chat and biometric security.<ref>{{Cite book |last1=Ginige |first1=J. A. |url=https://books.google.com/books?id=irh9DwAAQBAJ&dq=In+2016,+an+updated+version+of+its+app+was+launched+with+features+including+in-app+chat+and+biometric+security.&pg=PA59 |title=Transforming Healthcare Through Innovation in Digital Health: Selected Papers from Global Telehealth 2018 |last2=Maeder |first2=A. J. |date=2018-10-18 |publisher=IOS Press |isbn=978-1-61499-914-0 |language=en}}</ref>

As of October 2019, sending countries were limited to [Europe](/source/Europe) that are primarily in the [EU](/source/European_Union). The list of sending countries was:
{{div col|colwidth=22em}}
*{{flag|Austria}}
*{{flag|Belgium}}
*{{flag|Cyprus}}
*{{flag|Denmark}}
*{{flag|Estonia}}
*{{flag|Finland}}
*{{flag|France}}
*{{flag|Germany}}
*{{flag|Greece}}
*{{flag|Ireland}}
*{{flag|Italy}}
*{{flag|Latvia}}
*{{flag|Lithuania}}
*{{flag|Luxembourg}}
*{{flag|Malta}}
*{{flag|Netherlands}}
*{{flag|Norway}}
*{{flag|Poland}}
*{{flag|Portugal}}
*{{flag|Slovakia}}
*{{flag|Slovenia}}
*{{flag|Spain}}
*{{flag|Sweden}}
*{{flag|Switzerland}}
*{{flag|United Kingdom}}
{{div col end}}As part of Papaya Global, Azimo now provides the regulatory and technical infrastructure for workforce-related payments. The company holds licenses in five top-tier jurisdictions, including the UK and European Economic Area ([EEA](/source/European_Economic_Area)), enabling Papaya Global to offer compliant payment services across multiple territories.<ref>{{Cite web |title=Employer of Record Market Growth Research 2032 {{!}} Global Growth Insights |url=https://www.globalgrowthinsights.com/market-reports/employer-of-record-market-102101 |access-date=2024-12-16 |website=www.globalgrowthinsights.com |language=en}}</ref><ref>{{Cite web |title=Report: Papaya Global's Business Breakdown & Founding Story {{!}} Contrary Research |url=https://research.contrary.com/company/papaya-global |access-date=2024-12-16 |website=research.contrary.com |language=en}}</ref>&nbsp;

Following the acquisition of Azimo, Papaya Global integrated Azimo's payment infrastructure and licenses to create a comprehensive global workforce payments solution. This integration enabled Papaya Global to become a payment solution specifically designed for workforce-related payments including net salaries, contractor payments, local tax authorities, vendors, etc.<ref>{{Cite web |title=Published |url=https://financialit.net/node-statuses/published?page=968 |access-date=2024-12-16 |website=Financial IT |language=en}}</ref><ref>{{Cite web |date=2022-04-05 |title=BeSmartee Archives |url=https://finovate.com/category/besmartee/ |access-date=2024-12-16 |website=Finovate |language=en-US}}</ref>

==References==
{{Reflist}}

{{Digital payment providers}}

Category:Financial services companies established in 2012
Category:Online remittance providers
Category:Failed financial technology companies
Category:Companies based in Amsterdam

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Adapted from the Wikipedia article [Azimo](https://en.wikipedia.org/wiki/Azimo) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Azimo?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.